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May 15, 2023
Friday at a glance: overall, the Nasdaq shed around 28.5 points or 0.35% and ended Friday's session at 12,300.
Nasdaq made an initial break below its 5 day Simple Moving Average at 12,261, a possible indication of a forthcoming negative trend. A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. The Nasdaq's upper Bollinger Band® is at 12,400 which indicates a further downward move may follow. On the other hand, note that the Nasdaq could begin to recover as it approaches significant support, now 76.75 points away from 12,200. Dipping below could be an indication that further losses are ahead.
In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the Nasdaq.
Positive performances can be seen by looking at other markets as Hang Seng went up by 1.75% Friday, and closed at 19,971. FTSE added 0.46% and closed around 7,754.62 Friday. Notably, Nikkei rose 0.81% Friday and closed at 29,400.
In addition, United States Retail Sales is projected to outperform its last figure with 0.7%. It previously stood at -0.6%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
The index has been trending positively for about 2 months. The Nasdaq hit a significant low of 10,200 around 4 months ago, but has since recovered 20.71%.
